SEGMENTS

9 Months Ended

Sep. 30, 2023

SEGMENTS [Abstract]

SEGMENTS

10. SEGMENTS

As of January 1, 2023, the Company’s business is now organized into two reportable business segments: (a) Campus Operations; and (b) Transitional.  Based on trends in student demand and program expansion, there have been more cross-offerings of programs among the various campuses. Given this change, the Company has revised the way it manages the business, evaluates performance, and allocates resources, resulting in an updated segment structure.  As a result, the Company has shifted its focus to two new segments defined below:

Campus Operations – The Campus Operations segment includes campuses that are continuing in operation and contribute to the Company’s core operations and performance.

Transitional – The Transitional segment refers to businesses that are marked for closure and are currently being taught-out.  As of September 30, 2023, the only campus classified in the Transitional segment is the Somerville, Massachusetts campus. The campus has been fully taught-out and will continue to incur some additional closing costs until year-end 2023.  Total estimated costs to close the campus will approximate $2.0 million.

We evaluate performance based on operating results.  Adjustments to reconcile segment results to consolidated results are included in the caption “Corporate,” which primarily includes unallocated corporate activity.

Summary financial information by reporting segment is as follows:

	For the Three Months Ended September 30,
	Revenue										Operating Income (Loss)
	2023		% of Total			2022		% of Total			2023			2022
Campus Operations	$	99,527		99.9	%	$	90,085		98.1	%	$	11,889		$	13,024
Transitional		91		0.1	%		1,728		1.9	%		(745	)		(76	)
Corporate		-					-					(9,148	)		(8,068	)
Total	$	99,618		100.0	%	$	91,813		100.0	%	$	1,996		$	4,880

	For the Nine Months Ended September 30,
	Revenue										Operating income (Loss)
	2023		% of Total			2022		% of Total			2023			2022
Campus Operations	$	274,093		99.5	%	$	251,216		97.9	%	$	26,167		$	30,430
Transitional		1,455		0.5	%		5,294		2.1	%		(1,423	)		(227	)
Corporate		-					-					(347	)		(25,252	)
Total	$	275,548		100.0	%	$	256,510		100.0	%	$	24,397		$	4,951

	Total Assets
	September 30, 2023		December 31, 2022
Campus Operations	$	207,617	$	190,473
Transitional		572		1,498
Corporate		107,589		99,595
Total	$	315,778	$	291,566